Internet Proxy Voting Service
                              Proxy Voting Form
                             Putnam Investments
                         Putnam Master Income Trust

The Trustees recommend voting FOR proposal 1.
Proposal 1. Approval of an Agreement and Plan of              FOR     AGAINST
            Reorganization and the transactions
            contemplated thereby, including the               ABSTAIN
            transfer of all of the assets of Putnam
            Master Income Trust to Putnam Premier
            Income Trust in exchange for the issuance
            and delivery of shares of beneficial
            interest of Putnam Premier Income Trust
            and the assumption by Putnam Premier
            Income Trust of the liabilities of Putnam
            Master Income Trust, and the distribution
            of such shares to the shareholders of
            Putnam Master Income Trust in complete
            liquidation of Putnam Master Income Trust.

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Please refer to the proxy statement for discussion of each of these matters.
If no specification is made on a proposal, the proposal will be voted "For".

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here: [      ]

           Please review your selections carefully before voting.
     If you vote more than once on the same Proxy, only your last (most
                recent) vote will be considered valid.

Press this button to [Submit] your Proxy Vote.

[copyright] 2000, 2001 ADP Financial Information Services, Inc. The MIS
      logo is a service mark of Automatic Data Processing, Inc.
 The ADP logo is a registered trademark of ADP of North America, Inc.
               Terms and Conditions. Privacy Statement.


                       Internet Proxy Voting Service
                              Proxy Voting Form
                             Putnam Investments
                        Putnam Premier Income Trust

The Trustees recommend voting FOR proposal 1.
Proposal 1. Approval of an Agreement and Plan of              FOR     AGAINST
            Reorganization and the transactions
            contemplated thereby, including the               ABSTAIN
            transfer of all of the assets of Putnam
            Master Income Trust to Putnam Premier
            Income Trust in exchange for the issuance
            and delivery of shares of beneficial
            interest of Putnam Premier Income Trust
            and the assumption by Putnam Premier
            Income Trust of the liabilities of Putnam
            Master Income Trust, and the distribution
            of such shares to the shareholders of
            Putnam Master Income Trust in complete
            liquidation of Putnam Master Income Trust.

-------------------------------------------------------------------------------

Please refer to the proxy statement for discussion of each of these matters.
If no specification is made on a proposal, the proposal will be voted "For".

-------------------------------------------------------------------------------

To receive an optional email confirmation, enter your email address
here: [      ]

           Please review your selections carefully before voting.
     If you vote more than once on the same Proxy, only your last (most
                recent) vote will be considered valid.

Press this button to [Submit] your Proxy Vote.

[copyright] 2000, 2001 ADP Financial Information Services, Inc. The MIS
      logo is a service mark of Automatic Data Processing, Inc.
 The ADP logo is a registered trademark of ADP of North America, Inc.
               Terms and Conditions. Privacy Statement.